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Futures Movers: Oil prices struggle for footing ahead of OPEC meeting

Oil futures eased to session lows on Monday, as the commodity struggled to find a footing ahead of an Organization of the Petroleum Exporting Countries meeting.

The two-day gathering that begins Monday in Abu Dhabi will discuss members’ compliance level to the output pact the cartel inked with 10 other oil suppliers, including Russia, in late 2016. The deal so far hasn’t produced meaningful effects to tamp down global output or inventories.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU7, -0.30% was recently down 17 cents, or 0.3%, to $49.42 a barrel in the Globex electronic session.

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